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Economic Terms
| Term | Definition |
|---|---|
| Mercantilism | A system in which a government controls all economic activity in a country and its colonies to make the government stronger and richer |
| Capitalism | An economic system in which individuals and private businesses run most industries |
| Inflation | A gradual increase in prices |
| Want | A desire for goods and services, not necessarily accompanied by the power to satisfy them |
| Need | An economic good or service that is basic to survival, such as food, clothing, and shelter |
| Supply | The amount of goods and services that are available at a given time |
| Demand | The amount of goods and services that consumers are willing and able to buy at a given time |
| Balance of Trade | The difference in value between what a nation imports and exports over a period of time |
| Subsidies | Grants of monies |
| Joint | Stock Companies |
| Opportunity Cost | The value of the next |
| Tariff | A government tax on imports or exports |
| Scarcity | A condition of limited resources and unlimited wants by people |
| Export | Goods or services that a country sells and sends to other countries |
| Import | Goods or services that a country brings in or purchases from another country |
| Credit | The ability to purchase something without immediately paying for it |
| Savings | The portion of income which is not spent on consumption |
| Investing | expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture |
| Borrowing | take and use (something that belongs to someone else) with the intention of returning it |
| Giving | freely transfer the possession of (something) to (someone) |
| Quality of Life | he standard of health, comfort, and happiness experienced by an individual or group |
| Standard of Living | the degree of wealth and material comfort available to a person or community |
| GDP/GNP | The value of all the goods and services produced for money in an economy, evaluated at their market prices |
| Debt | The total amount of money owed by an individual, company or other organization to banks or other lenders |
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